Ascendas-Singbridge snaps up prime office building in Sydney

This is its first foray into Australia office scene.

The Ascendas-Singbridge Group has completed the acquisition of prime office building in North Sydney, Australia. This is marks its first acquisition of a commercial property in Australia.

The building, known as Innovation Place and located on 100 Arthur Street, was purchased from the privately-held Townwood for an undisclosed amount.

The property will be renamed Ascendas Innovation Place. It is held by a vehicle set up for a fund which invests in core office real estate in the gateway cities of Singapore, Australia, Korea and Japan.

The acquisition marks Ascendas-Singbridge’s first foray into the commercial office sector in Australia, and builds its portfolio in the market following the acquisition of 27 logistics properties by Ascendas Real Estate Investment Trust last year.

With this addition, Ascendas-Singbridge brings its Assets Under Management (AUM) in Australia to about $2 billion.